Aus Trains.com 18. Juli 2025
Union Pacific floats transcon merger trial balloons: Analysis - Trains
Daraus Zitat:
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Yesterday the Wall Street Journal reported that UP was having merger talks with Norfolk Southern. There was no guarantee the talks would result in a deal, the newspaper said, citing people familiar with the matter.
The Associated Press reported later on Thursday that UP and NS began merger talks in the first quarter of this year, citing people familiar with the matter. Similar reports emerged from Reuters and the Financial Times.
It was the second straight day of leaks to the media. Semafor, an online publication, reported on Wednesday that UP was working with the investment bank Morgan Stanley for advice on potential mergers, again citing people familiar with the matter. Semafor earlier had reported that UP was in merger talks.
An educated guess would be that these deliberate leaks came from within Union Pacific Center at 1400 Douglas St. in Omaha, Neb. It’s possible, but seems less likely, that the slow drip of information came from 650 W. Peachtree St., the NS headquarters in Atlanta.
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There was certainly no leak involved when UP CEO Jim Vena touted the benefits of mergers — and acknowledged the regulatory risks — in an April interview with Trains. “I think it’s a win for our customers and a win for competition and it’s a win for how the country should move ahead. Now, on the regulatory front, it’s complicated,” Vena said.
The magazine’s May 12 report, “Some Class I railroads take a fresh look at mergers,” sparked a wider public conversation that included rail executives, investors, analysts, and the business media.
Within a few weeks, top executives from all of the major railroads gave their outlooks on potential Class I mergers. Investors weighed in, too. NS and CSX stock prices have rallied on merger speculation, while UP’s has remained flat, perhaps an indication of concern over regulatory risk. A TD Cowen shipper survey found that two-thirds of rail customers would support a transcon merger so long as it offered concessions such as reciprocal switching. And Surface Transportation Board Chairman Patrick Fuchs carefully sidestepped questions about mergers.
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Zitatende
Mal sehen, wer in den nächsten 10-20 Jahren übrig bleiben wird. CN, CPKC, UP, BNSF + ??
